Paxos, the blockchain company behind the Pax Dollar stablecoin, is on a mission to enhance stablecoin adoption in the payments industry with its new enterprise-grade infrastructure.
This platform is specifically designed for payment service providers (PSPs) and fintech firms looking to facilitate stablecoin transactions.
On 15 October, Paxos announced on their blog as well as a press release, that Stripe, a leading global payment processor, would be the inaugural PSP to integrate this innovative infrastructure.
This integration will be featured in Stripe's Pay with Crypto product, enabling users to accept stablecoin payments that settle in fiat currencies, such as the US dollar.
This development could significantly benefit businesses operating internationally, where traditional payment methods often incur higher fees and experience delays.
Stripe's Head of Crypto, John Egan, said:
"We're always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we're excited to enable stablecoin payments for our users with our Pay with Crypto product."
Ronak Daya, Head of Product at Paxos, commented:
“Stablecoins are the future of payments and money movement. Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails. Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”
Could this initiative mark a turning point for stablecoin usage in cross-border transactions?
Paxos' innovative stablecoin payment platform provides a robust application programming interface (API) designed to enable payment providers to seamlessly accept stablecoins, thus streamlining international transactions by minimising fees and enhancing transaction speed.
Unlike traditional credit cards or digital wallets, stablecoins facilitate instant, low-cost payments, making them an attractive alternative for cross-border commerce.
A spokesperson for Paxos noted:
“We're currently focused on PSPs, fintechs and other providers who will be embedding this infrastructure into their systems, rather than individual merchant outreach, so specific merchant requirements are up to each provider.”
To utilise this platform, customers must first establish a wallet with Paxos.
Subsequently, merchants and payment service providers (PSPs) have the flexibility to either receive payments in stablecoins or convert these funds into fiat currency through Paxos.
Paxos’ stablecoin platform launches with the capability to convert between the US dollar and three stablecoins: Pax Dollar, PayPal USD, and Circle's USD Coin.
Currently operational in the United States, Paxos has plans to expand its offerings beyond the US dollar in the future.
A representative from Paxos said:
“Once set up, businesses can accept payments from anywhere, emphasizing the global power of this work.”
According to a spokesperson, Stripe supports pay-ins from over 70 countries.
Once a stablecoin payment is received, users can either convert the funds into fiat currency or send stablecoins directly to merchants.
Merchants can also issue refunds by converting the fiat back into the original stablecoin used for the transaction and sending it to the wallet associated with the initial payment.
This system facilitates on-chain transfers for PYUSD and USDP via the Solana and Ethereum networks, and for USDC through Ethereum, Solana, and Polygon, making it a versatile option for businesses looking to incorporate crypto payments into their existing frameworks.
Paxos expressed:
“This is truly enterprise-grade infrastructure for payments, where Paxos brings our regulatory-first approach to the payment capabilities needed across onboarding, custody and money movement.”
Adding that:
“Our goal is to keep adding assets and chains over time”
Paxos emphasizes that there is no predetermined ideal quantity of stablecoins that should circulate in the market.
The company's representative said:
“Without respect to the right number, our goal is to keep adding assets and chains over time based on customers' interests and their own end-user's preferences.”
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